Court affirms order restraining AMCON from appointing receiver manager for GHL

A federal high court in Lagos has upheld an order restraining the Asset Management Corporation of Nigeria (AMCON) from appointing a receiver manager for General Hydrocarbons Limited (GHL). 

Ambrose Lewis-Allagoa, the presiding judge, upheld the order in his ruling on December 8, according to a court document.

In suit number FHC/L/CS/1903/23, the case lists GHL as the plaintiff, with AMCON, its managing director, First Bank of Nigeria, and the attorney-general of the federation as the first to fourth defendants.

The judge’s decision comes following a display of confusion in which two lawyers — Abiodun Layonu, SAN, and Oluseye Opasanya, SAN — declared their appearance for the plaintiff at the previous hearing on November 26.

Consequently, the court asked both parties to file their respective affidavit of facts and written addresses, to allow it to resolve the plaintiff’s representation.

In his affidavit, Layonu informed the judge that he remained the official counsel for GHL, having been appointed by the oil firm.

He asked the court to confirm his status as the company’s rightful representative, arguing that the appointment of Opasanya violated subsisting orders.

Opasanya, in his argument, submitted that AMCON appointed Seyi Akiwunmi as receiver/manager on September 18, 2025, leading to his appointment.

He said Akiwunmi, in exercising his duty as receiver, appointed him to represent the plaintiff, and that a notice of change was served to the court.

THE RULING

In his ruling, Lewis-Allagoa said AMCON had been barred by the court from continuing with any appointment — whether of a receiver or lawyer — until the determination of the case.

He said the court “granted orders to restrain the Defendants, including the 1st Defendants, from taking any steps or continuing with any steps whatsoever in relation to the appointment of a receiver over the claimant pending the hearing and determination of the motion on notice”.

Lewis-Allagoa held that Opasanya’s purported appointment by Akinwunmi, was “improper” and in violation of the subsisting court order.

The judge, therefore, approved Layonu as the legitimate lawyer representing GHL in the case, discontinuing the purported appearance of Opasanya or any other lawyer appointed by Akiwunmi.

The judge held that Layonu’s mandate was backed by a letter of instruction dated September 17, 2025, noting that he had initiated the case and appeared regularly in court.

THE SUIT

On September 23, the court granted an interim order stopping the defendants and their agents from taking any action against the applicant or its assets over the $718 million debt owed by the Atlantic Energy Drilling Concept Nigeria Limited to the 3rd defendant, which was later acquired by AMCON.

A second interim order also restrained the defendants from enforcing any rights against the applicant — including freezing its accounts, targeting assets of its directors or shareholders, or appointing a receiver or recovery agent — based on agreements linked to AMCON’s purchase of the non-performing loan.

The judge had ruled that orders remain in effect pending the hearing of the motion on notice.

In his ruling, Lewis-Allagoa noted that AMCON officials and their legal representatives defied the subsisting order.

He also said AMCON misled another judge in related proceedings to obtain an ex parte order without informing the court of the existing restraining order.